Core Viewpoint - The cash management products in the market are experiencing a continuous decline in both yield and scale, prompting some financial institutions to adopt self-purchase strategies to bolster market confidence [1][5][6]. Summary by Sections Yield and Scale Decline - As of October 19, the average annualized yield for cash management products is 1.30%, down by 0.01 percentage points from the previous period [1]. - The total scale of cash management products has decreased from over 7.3 trillion yuan at the end of 2024 to approximately 6.5 trillion yuan by the end of the third quarter of 2025 [1][2]. - The average annualized yield for RMB cash management products was 1.358% in the third quarter, with only 38 products exceeding 2% and 31 products below 1% [2]. Regulatory Impact - New regulations regarding the classification of deposits and restrictions on high-yield agreements have significantly lowered the yield of cash management products [3]. - The decline in yields is attributed to falling bond yields and lower rates on deposits and interbank certificates of deposit [2][3]. Market Dynamics - The cash management products are facing redemption pressure due to declining yields, leading investors to shift towards more diversified products like "fixed income plus" and mixed-type products [4][6]. - Some investors are changing their purchasing behavior, favoring daily open non-custodial products that offer greater flexibility and potential for higher returns [3]. Self-Purchase Strategies - Qingyin Wealth Management has announced a self-purchase of 250 million yuan in its cash management products to enhance the yield of its own funds and demonstrate confidence in its investment management capabilities [5][6]. - The self-purchase is seen as a proactive risk management strategy to stabilize product operations and reassure investors amid potential redemption pressures [6][7]. Strategic Positioning - The strategic role of cash management products is shifting from being mere scale contributors to maintaining customer loyalty and serving as a bridge to other investment products [7]. - Despite the challenges, cash management products remain a core option for liquidity management, with some institutions innovating to enhance competitiveness through integrated services [7].